This the behavior of TC before 9.20, after %L %F .. are faulty as you know.
Only I not know if in previuos versions %L return phisical folder path or \\\Virtual Panel\path\ as now.
Currently behavior with virtual folder (not file) is not great except if you use <export !
but <export whole VP contents directly without %L and I think it is not possible to mask with %L.
You can anyhow use branch-view to have TC explode from a dedicated node.
branch-view not work with VP.
As today 9.52, only way to return full name of selected files is to use convert with em_saveselectionw or in TC using %C1..%C 9 only 9slots.
But completely only if you add [path]\*.* and recursive folder processing option.